The OPEC Plus oil group said that Libya is close to returning its crude oil production to pre-crisis levels after production resumed in fields and ports in early October.
OPEC indicated in its report that the cessation of fields and ports in Libya pushed the group’s total production to decline by about 500,000 barrels per day during last September.
The group also attributed the reason for the decline in production to the state of political instability that led to the closure of most ports and oil fields in Libya, the most recent of which was the dispute over the management of the Central Bank of Libya.
OPEC’s oil production recorded its lowest level this year at about 400,000 barrels per day compared to August due to the unrest in Libya.
In early September, Libya witnessed the closure of oil fields and ports, which contributed to a decline in production to more than 400 thousand barrels per day, due to the policy of changing the management of the Central Bank, which was rejected by the government appointed by the House of Representatives and gave orders to stop production and exports in protest against the decision.
OPEC formed what is known as the “OPEC Plus” alliance at the end of 2016, which includes 23 members, including Libya, with the aim of coordinating and unifying the oil policies of member states, and ensuring the stability of oil markets, in order to secure an effective, economic and regular supply of oil.
Source: Oil Price website